ING Accelerates Expansion Strategy: Eyeing Acquisitions in Germany, Italy, and Spain

ING Group, one of Europe's biggest banks, is actively seeking acquisition opportunities in major European countries such as Germany, Italy, and Spain to expand its footprint, according to its CEO Steven van Rijswijk. The bank is focusing on targets that align with their criteria, focusing on digital capabilities and product offerings. This move comes amidst a backdrop of consolidation in the European banking sector, where several large banks aim to expand their dominance by acquiring smaller rivals. Not committing to any specific targets, van Rijswijk's comments signal ING's intent to potentially reshape the European banking landscape. ING's ambitions are supported by the Dutch Finance Minister, who expressed a desire for Dutch banks to be acquisitive rather than acquisition targets. ING has historically been a pioneer in online banking and is now diversifying into areas such as private banking for wealthier clientele, with major operations predominantly in Northern Europe, generating significant revenues from the Netherlands, Belgium, and Germany.